White House US all time record sovereign debt ceiling talks collapse!

Article features a graph showing a very noticeable parabolic rise of US debt:

Republican House Speaker John Boehner has walked away from crunch debt ceiling talks at the White House with US President Barack Obama.

Mr Obama said Mr Boehner had rejected an “extraordinarily fair deal” that would have included $650bn (£400bn) of cuts to entitlement programmes.

The president said he had been willing to take “a lot of heat” from his party.

Mr Boehner told a news conference afterwards that Mr Obama had “moved the goal posts” by demanding a tax hike.

President Obama said he wanted a meeting with congressional leaders, including Mr Boehner, at the White House at 1100 (1500 GMT) on Saturday.

‘Left at the altar’

The negotiations are aimed at avoiding what analysts say would be an economically catastrophic US debt default on 2 August.

“It is hard to understand why Speaker Boehner would walk away from this kind of deal,” President Obama said at a news conference on Friday evening.

“There are a lot of Republicans who are puzzled as to why it couldn’t get done.”As well as cutting $650bn from Medicare, Medicaid and other entitlements, the president said he was offering to slash $1tr in discretionary spending, while seeking $1.2tr in revenues, which could have been achieved by raising income tax rates.